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If they signed the promissory note, then it is legal, and binding.

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โˆ™ 2004-12-16 07:23:25
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Q: What do you do if you sold a vehicle to someone with a promissory note stating they will make payments and signed the title over if they do pay?
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Related questions

Can someone purchase a vehicle then register that vehicle to someone else but continue to pay for the loan?

Yes, you can take out a loan for a vehicle for someone else and make the payments on it, but the only way you can put the vehicle in their name is if you have their permission.


Can someone take over car payments in a vehicle sale in Texas?

Yes


If someone made payments to purchase vehicle and to pay remainder of balance when picking up the vehicle then changes mind is there a refund owed on payments?

No. You are not entitled to a refund if you made payments toward the purchase of a vehicle. In truth, if you signed a contract to purchase the vehicle, that vehicle is now secondary to the contract, you could still be held responsible for the balance of the loan, whether or not you still have the vehicle.


Are you responsible if someone parked in front of you left a note on your car stating that you hit their back bumper?

Only if it can be proven that your vehicle hit their vehicle.


How do you get rid of a vehicle with negative equity?

Let someone else take over the payments.


When someone assumes your finance payments are you no longer responsible for the vehicle?

IF you transfer the title and loan out of your name you are not responsible. IF NOT, and they don't make the payments, or have insurance on it, YOU are responsible for all aspects of the vehicle as you still OWN it. the name on the title & loan is the responsible party.


How do you take over the payments of a vehicle?

You must talk to the lender who has a lien on the vehicle. It is up to them if you will be allowed to take over the payments.


What laws govern tow yards when releasing a vehicle with a promissory note?

Not enough information is given. Promissory note for WHAT? To pay the towing bill? To prove ownership of the car? Is the towing company asking YOU to sign a promissory note? Re-word and re-submit the question.


Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?

it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.


Can my insurance co. disability payments or my workers comp payments be garnished for a vehicle reposession?

They might be able to garnish your payments for the money that you owe them , but nothing more since vehicle has been repossessed.


How does one let someone take over your 2006 Ford Escape payments?

Contact the lender. They wil have to agree to this. After all they hold the lien to the vehicle, and legally it is their vehicle until you pay fo it.


What is the hardest thing to change on a vehicle?

the payments


If someone made payments to purchase vehicle then changed their mind are they entitled to a refund of payments?

Most states do not have a cooling off period. Witch means that if you buy a car and then change your mind you are still responsible for making the payments. If you fail to make the payments your vehicle will be repossessed and sold to satisfy the lean holder. So no you will not get your money back, in fact you may have to make up the difference if the car sells for less than the loan amount.


What do you need to repossess a vehicle in Nevada?

You have to posses the title on the vehicle and the documentation that there is a default in payments.


Can a vehicle be taken by police for delinquent payment?

Can a vehicle be taken by the police for delinquent payments.


If the bank sent you a title without a lien holder on it can you stop making payments on the loan and keep the car?

Your obligation to repay the loan is based on the promissory note you signed, and has nothing to do with a lien on the vehicle. Without a lien on the vehicle, the lender will be unable to repossess the vehicle, but they can still collect on the debt. They can also impose substantial penalties. Without a vehicle lien as collateral, most lenders will convert your auto loan into a signature loan at an interest rate of 12% or higher.


What do you do if you've co signed for someone and they are not making payments and you have given them money to catch up their payments and they still didn't make the payments and hid the vehicle?

You need to make those payments directly to the creditor or the late payments will be reflected as your own debt on your credit record. Thats what you contracted to do when you decided to be the co-signer. You should never hand over cash to pay loan payments to a person who is already defaulting on those payments. You may want to consult with an attorney about taking possession of the vehicle through a civil process.


Can your vehicle be repossessed for late payments?

Obvious answer, Yes.


What is a vehicle lienholders rights if someone wrecks a car without insurance?

The person the lien is against is still obliged to make the payments. If they fail, a lawsuit can be filed.


Are you in default of a car loan if the vehicle is not registered?

Registration of the vehicle has nothing to do with the loan or financing of the vehicle. The only was to "default" is to not make the payments.


What should your daughter do if she entered into an agreement to purchase a vehicle and signed a promissory note including the details of the transaction and she was late on a couple of payments?

The only option she may have is to contact the lender and attempt to reaffirm the contract, which would include making up all missed payments and penalties in a specified time limit. Action concerning such an issue depends upon what the lender decides is in their best interest not the borrower's.


Is it legal to repossess a vehicle for late fees and not regular vehicle payments?

Yes. Any amounts owing.


Can a coporation deduct a lease payment?

Yes, corporations can deduct lease payments. Property lease payments and vehicle lease payments are deductible in the year paid or accrued.


Do you have a right to take a car away if you are the cosigner?

Well if the original person that you co-signed with defaults on the payments and you are stuck with the payments, technically it is your vehicle and you can take the person to court and take control of the vehicle.


You are financing a vehicle but you can no longer afford payments what can you do?

Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.